Legal30 March 2026 at 02:23 am
Voltas Ltd Faces ₹23.52 Crore Penalty for Mis-classification of Imported Goods
AI Summary
Voltas Ltd has received an Order from the Office of the Commissioner of Customs, demanding payment of ₹10.76 crores as differential customs duty and ₹12.76 crores as penalty for mis-classification of certain imported goods from June 14, 2019, to July 21, 2022. The Company is planning to file an appeal before the CESTAT. This penalty will not have a material impact on the financials, operations, or other activities of the Company.
Key Highlights
- Voltas Ltd faces a penalty of ₹23.52 crores for mis-classification of imported goods.
- The penalty includes ₹10.76 crores as differential customs duty and ₹12.76 crores as penalty under the Customs Act, 1962.
- The Order was received on March 27, 2026, and the Company is planning to file an appeal before the CESTAT.
- The penalty will not have a material impact on the financials, operations, or other activities of the Company.
- The mis-classification of imported goods relates to the period from June 14, 2019, to July 21, 2022.
VOLTASHousehold Appliances
VOLTAS LTD.Price Impact